Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: Standard Quantity Standard Price 5,000 lbs. $0.75 per lb. 350 gal. 40 gal. 125 lbs. Whole tomatoes Vinegar 0.90 per gal. Corn syrup 7.50 per gal. Salt 1.80 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follow 4,900 lbs. of tomatoes 375 gal, of vinegar 36 gal, of corn syrup 140 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. Round the per unit answer to the nearest whole cent. Standard Cost per Batch Ingredient Whole tomatoes Vinegar Corn syrup Salt

Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: Standard Quantity Standard Price 5,000 lbs. $0.75 per lb. 350 gal. 40 gal. 125 lbs. Whole tomatoes Vinegar 0.90 per gal. Corn syrup 7.50 per gal. Salt 1.80 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follow 4,900 lbs. of tomatoes 375 gal, of vinegar 36 gal, of corn syrup 140 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. Round the per unit answer to the nearest whole cent. Standard Cost per Batch Ingredient Whole tomatoes Vinegar Corn syrup Salt

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Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter23: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 7E: H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup...

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